FCA confirms spotlight on firms with 'increased DB transfer activity'

Part of regular supervisory work

Hannah Godfrey
clock • 1 min read

The Financial Conduct Authority (FCA) has confirmed it is looking into certain firms that have increased the number of defined benefit (DB) transfers they are undertaking.

More specifically, it is looking into firms that are undertaking what it considers 'a lot of transfers' - no specific number has been set as a trigger point however. Whether a firm requires looking into is decided by the regulator on a case-by-case basis. New research indicated almost three quarters (71%) of advisers expected transfer demand to increase in the next 12 months by approximately a third. Not a 'review' Referred to as a ‘multi firm supervision exercise' on DB transfers, the FCA's move is not part of a review, but of ongoing supervisory work, the regulator said. As ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FSCS declares three financial advisory firms in default

FSCS declares three financial advisory firms in default

Latest batch of failed firms revealed by lifeboat fund

Jenna Brown
clock 25 March 2024 • 1 min read
FCA commits to fast authorisations to boost finance sector

FCA commits to fast authorisations to boost finance sector

The regulator’s latest business plan highlights this focus

Sahar Nazir
clock 19 March 2024 • 1 min read
FCA to invest £1.9m in supporting clients with investment decisions

FCA to invest £1.9m in supporting clients with investment decisions

The regulator’s 2024/25 business plan outlines new initiative for investment

Sahar Nazir
clock 19 March 2024 • 1 min read